2 Tech Stocks Rally Over 40% in Past 3 Months

Technology stocks on the NASDAQ have been steadily rising over the last three months, although the sector took a dive in late June before sharply rising heading into August. But two stocks in particular have soared over 40% since June: Seagate (STX) and NVIDIA (NVDA).

1. Seagate (STX)

Shares for Seagate are up 0.82% today, trading at 32.24. The stock has been steadily rising on news that the company is launching a 60TB solid state drive, or SSD.

In early August, Seagate took a dive after announcing fourth-quarter earnings report for fiscal 2016. While the data storage company beat top- and bottom-line estimates, both of these figures were lower in comparable terms.

The launch of the company’s monstrous SSD should boost performance. Right now, the stock is 74% off of its 52-week low and just 38.23% off its 52-week high.

Seagate also pays out a dividend with a 7.79% yield, which may appeal to income investors.

2. NVIDIA (NVDA)

The last few months have been rocky for NVIDIA’s stock, which has risen sharply since a low in mid-July. The chipmaker is moving away from PC GPUs and into the autonomous car industry, and has recently unveiled a new processor that may pave the way for future growth.

At the Hot Chips convention, a low-key industry event, the company unveiled its Pascal GP100 Die Shot, a processor designed to power NVIDIA’s autonomous car system known as Drive PX 2.

The Drive PX 2 system will include two Parker processors and two of NVIDIA’s Pascal GPUs. The autonomous car system, according to NVIDIA, will have the power to process 24 trillion deep learning operations per second, Forbes reported. Deep learning will allow the GPU to assess the world around it.

NVDA offers a dividend yield of 0.74%. Shares are currently hovering near the company’s 52-week high.

Ben Myers

After a long career in Finance which included HSBC and Bank of Ireland, Ben is now a popular commentator on the financial markets. A regular featured writer for dialyforex.com, investing.com, keyinvesting.com amongst others, Ben remains a keen trader of Forex and Binary Options.